ITAT Chennai held that AO having chosen not to scrutinize the return cannot resort to the provisions of section 147 of the Income Tax Act in absence of any new or fresh material indicating escapement of income.
ITAT Chennai held that while computing deduction under section 10A of the Income Tax Act expenses deducted from export turnover needs to be deducted from total turnover.
ITAT Chennai held that addition of provisions for leave encashment and provision for gratuity to book profit computed u/s 115JB unsustainable as the same is ascertained liability.
ITAT Chennai held that benefit of deduction under section 54 of the Income Tax Act cannot be denied for mere technical breach when the assessee has satisfied all the prescribed conditions.
We do not agree with the reasons given by the AO for the simple reason that when survey team was noticed unaccounted purchases & unaccounted sales and also difference has been treated as unaccounted income of the assessee, then question of making further additions towards unaccounted purchases does not arise. Moreover, it is only net result of unaccounted purchases & unaccounted sales, needs to be taxed.
Sardarmal Kothari Vs ACIT (ITAT Chennai) ITAT held that when an assessment has been made under sec.143(3) and not under sec.144 of the I.T. Act, it means that subsequent compliance in the assessment proceedings was considered as good compliance and the defaults committed earlier were ignored by the Assessing Officer and, therefore, there is no […]
ITAT held that first of all the assessee has offered this in assessment year 2007-08, it cannot be added again and moreover, this being highly contentious issue and debatable whether this is to be assessed in assessment year 2007- 08 or 2009-10, it cannot be rectified while acting u/s.154 of the Act.
ITAT Chennai held that levy of penalty u/s. 271(1)(c) of the Income Tax Act alleging furnishing of inaccurate particulars of income unsustainable as the matter is highly debatable.
ITAT Chennai held that it is not open for the Assessing Officer to travel beyond the reasons for selection of the scrutiny for limited scrutiny.
ITAT held that if advances received by the assessee from customers on which TDS Credits has been claimed, has been offered as income of subsequent financial years, then the same needs to be recognized as income as and when such income accrues to the assessee.
